Hypothetical Growth of $10,000

The chart illustrates the performance of a hypothetical $10,000 investment made on the date indicated. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.

06/30/2012 - 06/30/2015

3 Month

6 Month

1 Year

3 Years

5 Years

Since Inception

Portfolio Overview

Investment Strategy

Management Team

Class

Retirement Class

Dividend Frequency

Monthly

Redemption Fee

--

Inception Date

03/31/2006

Ticker

TISRX

CUSIP

886315886

The fund seeks high current income. It typically invests at least 80% of its assets in U.S. Treasury and agency securities and investment-grade corporate bonds with an average maturity of less than five years. The fund may overweight or underweight individual securities or sectors, compared to their weight in the index, when the portfolio managers find undervalued or overlooked issues that they believe offer the potential for superior returns. Although it may invest in fixed-income securities of any maturity, the duration of the fund's portfolio typically ranges between one and three years. The fund may also invest up to 20% of its assets in fixed-income securities of foreign issuers, including emerging markets.

As of 07/31/2015

As of 07/31/2015

Performance Returns

Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Also, it is the average annual profit or loss realized by an investment at the end of a specified calendar period, stated as the percentage gained or lost per dollar invested.

As of 06/30/2015

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for funds that have less than one year of performance history. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

Portfolio Composition

Portfolio Composition provides details for the investments that constitute a particular fund.

Sector Weightings

As of 06/30/2015

% ofNet Assets

Corporate Bonds

26.45%

Foreign Government And Corporate Bonds Denominated In U.S. Dollars

19.03%

CMBS

18.99%

U.S. Treasury Securities

12.27%

Asset-Backed Securities

10.94%

U.S. Agency Securities

3.82%

Bank Loan Obligations

3.55%

Mortgage-Backed Securities (Includes MPT & CMOS)

1.24%

Municipal Bonds

0.38%

Short-Term Investments, Other Assets & Liabilities, Net

3.33%

Top 10 Holdings

The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. The holdings listed should not be considered a recommendation to buy or sell a particular security. Top holdings by issuer includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants as applicable.

The Fund is subject to interest rate risk and credit risk. In addition, mortgage-backed securities in which the fund may invest are subject to extension risk and prepayment risk.

1Effective January 1, 2014 the Fund's benchmark index changed from the Barclays U.S. 1-5 Year Government/Credit Bond Index (the "Barclays 1-5 Year Index") to the Barclays U.S. 1-3 Year Government/Credit Bond Index (the "Barclays 1-3 Year Index"). Due to the effective change date, quarterly performance for Barclays 1-3 Year Index is not displayed as of 12/31/2013. The Barclays U.S. 1-3 Year Government/Credit Bond Index measures the performance primarily of U.S. Treasury and agency and corporate bonds with 1- to 3-year maturities. The securities in the index must be rated investment-grade or higher by at least two rating agencies. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses.

2The Barclays U.S. Government/Credit (1-5 year) Index measures the performance primarily of U.S. Treasury and agency securities, and corporate bonds with 1-5 year maturities. You cannot invest directly in this index.

Morningstar is an independent service that rates mutual funds and variable annuities.

For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences.

The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar proprietary ratings on U.S.-domiciled funds/accounts reflect historical risk-adjusted performance, are subject to change every month. They are derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Please note, Morningstar now rates group variable annuities within the open-end mutual fund universe.

The information contained in these reports is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. Additionally, Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Morningstar

A research company that rates the performance of Mutual Funds and Variable Annuities.

Morningstar Rating

OVERALL

OUT OF 468 FUNDS

3 YEAR

OUT OF 468 FUNDS

5 YEAR

OUT OF 393 FUNDS

10 YEAR

OUT OF 276 FUNDS

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

Morningstar Category

Short-Term Bond

Morningstar Risk Measures

RETURN VS. CATEGORY*AVG

LOW

AVG

HIGH

As of 06/30/2015

*3 Year Average

Investment Risk

Investment risk is usually related to the performance of an investment—riskier investments offer potentially higher returns—but are more volatile in the short-term. Beta (past price fluctuations), R-Squared (performance against benchmark index), and Standard Deviation (past volatility) are all used to calculate the degree of risk associated with individual investments.

LOWERRISKHIGHERRISK

Level of risk is defined using the 3 Year Standard Deviation of the Investment.

This website is directed only to institutional investors. Past performance is not indicative of future results. The information on this website should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons.